Study On Evaluation Of The Publishing Enterprises

As the pace of economic globalization, China’s capital market will usher in a new period of development, enterprise value is closely linked with the capital market so, this subject will be paid more and more attention. The publishing industry as the organic part of the cultural industry is in the background of the country and government support and encouragement, having development potential and prospects immeasurable. In view of our country at present the publishing industry is in the scale of the problem stage, so in the publishing industry rapid development, it will have more economic behaviors like:listing and financing, mergers and acquisitions. As the above background, this paper discusses the problem of value about the culture of publishing enterprises. Reasonable evaluation of publishing enterprise value is not only conducive to the healthy development of the entire industry, to create the environment background is good for the development of enterprises, but also brings positive influence for the people’s spiritual and cultural life, to further promote the development of cultural industry in our country.This paper is divided into six parts to explain the related problems:The first chapter is a guiding text, discussing the importance of cultural industry and its elements-the publishing industry. The publishing industry is a huge potential for development of the sunrise industry, so a reasonable assessment has important theoretical and practical significance. In theory, China’s current related research about the evaluation of publishing enterprise value is not many, therefore, this paper through the analysis of the characteristics of cultural industry to summarize the cultural publishing enterprises, and then select the appropriate evaluation method, which can enrich the enterprise value system, providing the theoretical support for the practical follow-up study. In reality, the publishing industry has attracted more and more attention.In the capital market, economic behaviors such as mergers and acquisitions will be gradually increased. Therefore, it needs effective evaluation to provide reasonable assurance for the transaction, promoting the healthy development of capital markets. The second part introduces the main research content and research methods.The second chapter defines culture publishing and publishing enterprises and other related concepts, defining the publishing enterprises belonging to the publishing industry in the narrow sense, which is the set of publishing, distribution, trade, integrated publishing group profit printing business as a whole. Then, discusses in detail the characteristics of publishing enterprises and points out its not only has the common characters of the traditional enterprises, also has its own characteristics. Next, it explains its importance in China’s economic and cultural. In the last section of this chapter, briefly introduces the value chain of publishing enterprises, the profit model on the basis of the value chain, introduced the popular content is king profit model.The third chapter introduces the basic enterprise evaluation method, and the applicability of various evaluation methods in the publishing enterprises are discussed in detail. Historical cost method based on the financial situation of enterprises, without considering the real utility assets and operating efficiency, so the application of this method is of little significance. Market method depends on the mature and effective open market, China’s publishing enterprise established by the province as a unit, with regional characteristics. Income approach is the most suitable method to assess enterprise value in theory, can reflect the intrinsic value of the enterprise. Other kinds of evaluation methods are economic value added method and the real option method. Economic value added method belongs to the income law in essence, but the sustainable development of its attention to the enterprise, from the view of a long-term development, encourage managers to make long-term benefit decision. The real option method is to reform and improve the present value method. Through the above analysis, this paper selects two kinds of method in theory and reality having feasibility:the market and the economic value added method to assess the value of publishing enterprises.In the fourth chapter, on the basis of the third chapter, further expounds the concrete application of two kinds of methods, and build the corresponding model, the factors affecting the application of various evaluation model is put forward at the same time should be paid attention to when publishing enterprise culture. Once again, a comparative analysis can be more than the basic financial index of enterprises and the assessment of the company, including the debt paying ability, operating ability, profitability.. The last section of this chapter, according to the relative value of law application, cultural influence may have published two factors of enterprise value:policy and copyright factors. This chapter is a prelude to the key chapters, providing reasonable theoretical model of publishing enterprise value for the evaluation of specific culture.The fifth chapter is the focus of the full text. The former chapter constructs the evaluation model, the specific application of the Times Publishing (600551) in the value appraisal. The whole process of this chapter is divided into five sections to discuss the evaluation of enterprise value times published:the first detailed analysis of the basic situation of Target Corp--times publishing, including enterprise’s scope of business, competitive advantage, and then make a prediction on the future development of enterprises. Secondly, the application of the relative value method, the net rate of indicators to assess the value of the Target Corp. Focus of this section is comparable company’s choice and the city net rate correction, which can be selected according to the company’s profitability of the main business, production scale. Finally it chooses publishing media and the media as the Times published comparable companies. Again, using economic value added evaluation times publishing enterprise value.The sixth chapter summarizes the full text, summarizing the main research content and significance of the thesis, and pointing out the shortage of research..